Well--the first week of the Million Dollar Portfolio challenge is over--so let's see where we stand. Nancy Beaumont sits on top of the leader board with a portfolio value of $1,645,296.56 or a weekly gain of 64.5%. Nancy has multiple portfolios registered for the contest, and she holds the top 3 spots in our list, with a total of 10 portfolios within the top 25, and they are markedly similar.
Of interest is that Nancy's top 3 portfolios are currently all in cash. She had no pending buy orders as of Friday and she always max's out on bonus bucks, and not all leaders have.
A look back shows the first two leaders from Tuesday and Wednesday, both employed similar strategies, they went all-in on a stock that was forecast to have positive earnings, or looked to bottom fish and catch the bump.
The leader after the close on Wednesday- Jack Bell of Kansas--made the same first trade as Monday's leader--Paula Ann Day going all-in on Sykes Enterprises (248 people bought Sykes and the majority went for broke by pouring their $1M into that one security.
All in all a pretty good week for the contest. The theme seems to be mostly short term buys and big ones at that. We’ll see how that strategy plays over the next week. By the way--there are now 264,000 registered contestants.We want to hear from you. Send your comments to firstname.lastname@example.org.